Oil prices rose almost 2% on Wednesday, with U.S. crude reaching its highest settlement level in a year after stockpiles fell to their lowest levels since March. U.S. West Texas Intermediate (WTI) crude futures rose 93 cents, or 1.7%, to settle at $55.69 a barrel, the highest since Jan. 22, 2020, after touching a high of $56.33 earlier in the session. Brent crude futures rose $1, or 1.7%, to settle at $58.46 a barrel, the highest since Feb. 21, 2020. Both benchmarks are also currently at their steepest ‘backwardation’ level in a year. That’s where contracts for near-term delivery are more expensive than later supplies, a signal of current demand and expectations of tighter supply. The current U.S. contract trades at $2.30 more […]